The EURJPY had a moderate bullish momentum yesterday, topped at 131.64 and closed at 131.17. I think this is a normal movement in consolidation phase and we might still see a bullish attempt today but I still prefer a bearish scenario so I will keep out from the market. I am expecting a trading range of 130.60 – 132.02 today. Break above 132.02 should trigger further bullish outlook testing the trendline resistance area (orange) and could be a potential threat to my bearish outlook.
The GBPJPY made indecisive movement yesterday. On h4 chart below we can see that the pair attempted to push higher, topped at 143.94 but failed to move consistently above the trendline resistance (blue) and closed lower at 142.68 indicating the bearish scenario remains intact. The bias is bearish in nearest term re-testing 140.80 but we seem to have a good support around 142.00 area. Break below that area should trigger further bearish momentum. Immediate resistance is seen at 143.94 (yesterday’s high). Break above that area should trigger further bullish momentum and could be a serious threat to my bearish outlook.
The AUDUSD had a significant bullish momentum yesterday, topped at 0.8796 and closed at 0.8777. The bias remains bullish in nearest term re-testing 0.8858 but be careful and do not rush buying now since price started to pullback below 0.8787 and we need a consistent move above 0.8787 to continue the bullish scenario since a failure to consistently move above that area should lead us back to 0.8580 support area.